Most Asian stock markets capped off a volatile trading session with gains Tuesday, although Japanese benchmarks ended mixed as losses in electronic parts maker Kyocera were matched by gains in Mitsubishi Electric and Sharp.
In Tokyo, Nikkei 225 index slipped 40.41 points, or 0.23 percent, to 17,248.89 points while in Hong Kong, the blue chip Hang Seng Index rose 445.05 points, or 1.96 percent, to 23,184.94.
Shares in Nippon Steel Corp., JFE Holdings, Sumitomo Metal Industries Ltd. and Kubota Corp. fell on media reports that Japan's Fair Trade Commission raided their offices.
Kyodo News said the companies are suspected of having consulted and agreed on the timing and margins of price hikes for steel pegs sold to construction companies in 2004 and 2005, citing sources familiar with the matter.
Nippon Steel Corp. lost 2 percent to 900 yen (US$7.56) while JFE fell 1.7 percent to 8,210 yen (US$68.99).
Another notable loser was Kyocera Corp., which plummeted 6.3 percent to 11,500 yen (US$96.64) with investors worried about weakness in its mainstay products such as chip parts.
Oji Paper rose 3.1 percent after it posted a net profit for the April-June period following a year-earlier loss, while Mitsubishi Estate rose 1.7 percent to 3,060 yen after saying its group net profit grew nearly fourfold in the quarter.
ELSEWHERE:
SEOUL: South Korea's Kospi added 1.4% at 1,933.27, recovering from an intraday low of 1,899.56.
SINGAPORE: Singapore's Straits Times Index moved 0.6% higher to 3,547.66.
TAIPEI: Taiwan's Weighted index rose 2.4% to 9,287.25.
WELLINGTON: New Zealand's NZX 50 bucked the Tuesday trend, off 0.4% to 4,213.30.
SYDNEY: Australia's S&P/ASX 200 was also volatile within the day's range of 6,103 and 6,145.40, before the benchmark ended up 0.6% at 6,144.20.
With files from wire services
